Avoiding contract loopholes is essential for long-term success. Lisa’s focus on trust is inspiring. Emphasis on integrity in this dynamic market is crucial. Building relationships on solid foundations is key.
So the best way to watch this video is to sit down in an office setting, preferably and take notes. They are way too many golden Nuggets. If we can work on this diligently this entire quarter, we will have a very strong career ahead for many years to come 🎉
What happens to the existing listings that are still under old commissions with 5 - 6% that the sellers pay? Will these contracts still stand or be converted to new commission rules?
Great info. My main concern is what happens when a buyer *needs* maximum seller concessions and no buyer broker commission is being offered? My understanding we understanding is there will be 0 room for a buyer broker commission in this scenario. Also obvious implications that the buyer broker commission is always completing with maximum seller concession amounts. This seems to me to be a huge issue in the new system yet to be addressed. But does DOJ care ?
Few listing agents treat buyer agents very badly. Don't respond to calls, don't respond to contracts.. Very sad but true. Also buyer agents can not tell this to sellers about their agent.
We'll soon find out what value a buyside agent brings to the table. If buyers can do their own deals without getting screwed then have at it. But the reality is that most people in residential don't know how to buy a house on their own. Agents will just leave the business if they're not getting paid to do it.
Hello, I have been watching your show for awhile and absolutely love it. I am bananas for your shows. I use to listen to your podcast and you guys took down some of my favorite episodes but I am coping. I am at 6:33 and I think that what she is saying may just be a "great idea" and not as practical as she is eloquently stating especially if you are representing buyers in a market that homes are selling right away sub 700k. Also I met Tom Ferry in Westbury NY it was awesome, come back soon
This was awesome information! Thank you so much for sharing. I'm excited to embrace this change and help more of our clients this way. Thank you again for the insight, and suggestions.
Regarding Lisa's last comment - an amendment has been made available by my local associations in Missouri and in Texas (and possibly everywhere - I am not sure) to allow buyers and their agents to change the amount the buyer will pay throughout their journey together. This has been made available to reflect how much the seller will pay each time an offer is made by the buyer. So, it isn't a loophole - it is permissible. However, doing that over and over again could cause complications. So, is it best practice? Maybe not, but it is allowed.
Thanks for the information. I'm so glad that I can choose my clients just like they can choose me. This is why our industry is where it is now; we act as if the client is doing us a favor if they use us.
I recently was working with a buyer turned rental. Signed agreement. Executed lease and now I am playing collection agency. Landlord didn’t offer compensation, now buyer, my tenant, is refusing to pay my fee.
This is where, depending on the state, I think a retainer will be necessary. Where else do people expect to receive personalized services without paying? I will not be able to take on clients without an upfront, non-refundable retainer for access to me, my knowledge, research, phone calls on their behalf and time spent at showings & consultation.
@@Chris__Collette Looks like we all are going to be listing agents. Buyers and renters are going to have to deposit a minimum service fee. The DOJ has to see this coming. After all lawyers want a retainer.
@@morrishawkins512 Comparing attorneys to real estates agents is ridiculous. Attorneys are professionals with multiple college degrees and passing the bar exam. There are a lot of real estate agents that have only high school diplomas and all they did was pass a couple real estate tests and "seminar courses" that didnt even require an exam. In other words they are salespeople.
What a stellar session, thank you. My fellow agents, listen to every word all the way through. Pure gold. The advice at the end on mistakes to avoid was spot on. 🔑🏠
Your value comes from knowing and understanding the market better than anyone and being able to determine when you’re in a multiple offer situation what the best strategy is to negotiate a win for your client. If your buyer CANNOT pay you you probably going to have to write the offer above ask to compete. Same as other seller concession situations in multiple offers.
Agents that are willing to make $500 on a transaction have not been strong enough in communicating their value as an agent. An agent that does this consistently will eventually leave the business
As a RE investor commission rates in total are simply going to come down and settle eventually around 2.5%. RE values have increased, Zillow and other sights have taken a lot of the leg work out. People buying $500k and up homes don't need their hands held by a buyers agent. They simply don't add value.
If you dont like the new rules, then just find another real estate job. Let the buyer agent position die off. Let buyers trust the seller on every transaction.
Avoiding contract loopholes is essential for long-term success. Lisa’s focus on trust is inspiring. Emphasis on integrity in this dynamic market is crucial. Building relationships on solid foundations is key.
So the best way to watch this video is to sit down in an office setting, preferably and take notes. They are way too many golden Nuggets. If we can work on this diligently this entire quarter, we will have a very strong career ahead for many years to come 🎉
Thanks 27:30 is what I will do from now on... providing weekly reports of our progress together
What happens to the existing listings that are still under old commissions with 5 - 6% that the sellers pay? Will these contracts still stand or be converted to new commission rules?
Love your commitment to our education. I need this tribe.
US is a high service country, thankyou for the reminder and motivation!
Great info. My main concern is what happens when a buyer *needs* maximum seller concessions and no buyer broker commission is being offered? My understanding we understanding is there will be 0 room for a buyer broker commission in this scenario. Also obvious implications that the buyer broker commission is always completing with maximum seller concession amounts. This seems to me to be a huge issue in the new system yet to be addressed. But does DOJ care ?
Few listing agents treat buyer agents very badly. Don't respond to calls, don't respond to contracts.. Very sad but true. Also buyer agents can not tell this to sellers about their agent.
Great information, I think we didn't loose the selling to the buyer I think we lost getting the buyer committed as the seller.
We'll soon find out what value a buyside agent brings to the table. If buyers can do their own deals without getting screwed then have at it. But the reality is that most people in residential don't know how to buy a house on their own. Agents will just leave the business if they're not getting paid to do it.
It's going to lead to a lot of dual agency among listing agents which has worked fine in many areas for decades.
Love all of your information. Keep it up. Thank you.
Can an agent represent both buyer and seller at the same time under the new laws ?
I believe that you can’t
Thanks for sharing!
but showing 1 or 2 houses only- maybe you did a great job- found them an off market listing- should be paid in full, yes?
Hello, I have been watching your show for awhile and absolutely love it. I am bananas for your shows. I use to listen to your podcast and you guys took down some of my favorite episodes but I am coping. I am at 6:33 and I think that what she is saying may just be a "great idea" and not as practical as she is eloquently stating especially if you are representing buyers in a market that homes are selling right away sub 700k. Also I met Tom Ferry in Westbury NY it was awesome, come back soon
This was awesome information! Thank you so much for sharing. I'm excited to embrace this change and help more of our clients this way. Thank you again for the insight, and suggestions.
I've watced this video a few times since it dropped and I like it more each time! "Loopholes are dangerous. Loophole = the noose!"
Very helpful
Regarding Lisa's last comment - an amendment has been made available by my local associations in Missouri and in Texas (and possibly everywhere - I am not sure) to allow buyers and their agents to change the amount the buyer will pay throughout their journey together. This has been made available to reflect how much the seller will pay each time an offer is made by the buyer. So, it isn't a loophole - it is permissible. However, doing that over and over again could cause complications. So, is it best practice? Maybe not, but it is allowed.
This was great Thanks
Thx for the intel!!!
Excellent!!
Thanks for the information. I'm so glad that I can choose my clients just like they can choose me. This is why our industry is where it is now; we act as if the client is doing us a favor if they use us.
I recently was working with a buyer turned rental. Signed agreement. Executed lease and now I am playing collection agency. Landlord didn’t offer compensation, now buyer, my tenant, is refusing to pay my fee.
This is where, depending on the state, I think a retainer will be necessary. Where else do people expect to receive personalized services without paying? I will not be able to take on clients without an upfront, non-refundable retainer for access to me, my knowledge, research, phone calls on their behalf and time spent at showings & consultation.
Did you have in a contract?
What should you do if all the buyer agents on your team leave all at once?
@@Chris__Collette
Looks like we all are going to be listing agents.
Buyers and renters are going to have to deposit a minimum service fee. The DOJ has to see this coming. After all lawyers want a retainer.
@@morrishawkins512 Comparing attorneys to real estates agents is ridiculous. Attorneys are professionals with multiple college degrees and passing the bar exam. There are a lot of real estate agents that have only high school diplomas and all they did was pass a couple real estate tests and "seminar courses" that didnt even require an exam. In other words they are salespeople.
Great podcast thank you
Thank you Staci! 🙌 Will we see you at the Summit?
great!
Bhhs lawyer yesterday showed is yesterday that we need to get buyer broker before the offer Not before the showing.
What a stellar session, thank you. My fellow agents, listen to every word all the way through. Pure gold. The advice at the end on mistakes to avoid was spot on. 🔑🏠
I disagree with "know, like & trust" I use "value what they value" instead. If you value what they value, you're in.
Multiple offer situation. You attach 3% to your offer and another agent attaches $500. Your buyers don’t get the house. Where’s your value?
Your value comes from knowing and understanding the market better than anyone and being able to determine when you’re in a multiple offer situation what the best strategy is to negotiate a win for your client. If your buyer CANNOT pay you you probably going to have to write the offer above ask to compete. Same as other seller concession situations in multiple offers.
@@GreatBransonHomes exactly
Brokers need to be sure their agents are doing the paperwork correctly! The client is the broker's client.
Buyer agents about to go extinct.@@GreatBransonHomes
Agents that are willing to make $500 on a transaction have not been strong enough in communicating their value as an agent. An agent that does this consistently will eventually leave the business
i am the home owner.... I Make The Rules ; AH.
As a RE investor commission rates in total are simply going to come down and settle eventually around 2.5%. RE values have increased, Zillow and other sights have taken a lot of the leg work out. People buying $500k and up homes don't need their hands held by a buyers agent. They simply don't add value.
If you dont like the new rules, then just find another real estate job. Let the buyer agent position die off. Let buyers trust the seller on every transaction.
Non a REALTOR is not required to change what they are doing...